Saturday, 21 April, 2018

Wall Street higher as tech, consumer discretionary recover

Dow Jones Industrial Average Technicals in Focus Trade tensions and tech drag down Wall Street
Elsie Buchanan | 04 April, 2018, 01:03

The Dow Jones industrial average shed 458 points, or 1.9 percent, while the S&P 500 dropped 2.2 percent to head back into correction turf, down 10 percent from its record high on January 26.

All 11 major sectors of the S&P 500 closed lower, with the biggest losses seen by the consumer discretionary.SPLRCD and technology.SPLRCT indexes, which were down 2.8 percent and 2.5 percent, respectively. For his first year in office, a number of key advisers - including National Economic Council Director Gary Cohn and Secretary of State Rex Tillerson - had tried to persuade Trump to be careful before following through on some of his trade threats, but both men have recently departed, and now Trump is surrounded by advisers who support some of these protectionist decisions.

Cannabis stocks also saw declines on the TSX as Aurora Cannabis Inc. ended down 2.47 per cent, Aphria Inc. down 2.09 per cent, and Canopy Growth Corp. down 4.90 per cent.

Wells Fargo's Investment Institute expects the S&P 500 will finish the year in the 2,800-2,900 point range, about 300 points higher than where it was trading on Monday.

"A reassessment of technology as well as what the trade issues might mean for exporting US companies are hitting the market at the same time", said Rick Meckler, president, LibertyView Capital Management, Jersey City, New Jersey.

A presidential attack on Amazon, the aftermath of FAANG drama, and trade wars have The Dow plunging 700 points while investors worry what could be next.

Beijing's move could force Trump to decide whether to follow through on expansive trade restrictions he had hoped would crack down on China even if Beijing is now threatening to harm USA companies that rely on Asian markets for buyers.

Delhi becomes first city to roll-out BS-VI fuel
The deadline of April 2020 for the country to implement BS-VI grade fuels had been advanced for Delhi to April 1,2018. Costing wise, the cleaner fuel should cost around 50 paisa a litre more, he added.


Tech stocks reversed course on Thursday and the S&P 500 information technology index closed up 2.2 percent after reaching a session high of 3.2 percent, helping push the S&P 500 up 1.4 percent, with the Dow and Nasdaq also rallying. Instead of raising money through an initial public offering underwritten by an investment bank, Spotify is taking a more unusual route called a direct listing that lets investors sell the stock directly.

Bond prices finished little changed. Heating oil fell 4 cents to $1.98 a gallon.

That tweet was enough to send Amazon shares down 7 percent, or $50 billion, in early morning trading last week.

Despite its recent losses, Amazon stock is still up about 18 percent in 2018.

Asian stocks fell for a second day Tuesday amid jitters about U.S. Walmart stock fell 3.8 percent. Hong Kong's Hang Seng bucked the trend, ending up 0.2 per cent at 30,137.49.

The dollar rose to 106.61 yen from 105.85 yen. Coca-Cola climbed 1.8 per cent and Johnson & Johnson added 2 per cent. The euro fell to $1.2267 from $1.2300. The 10-year note yield topped 2.76% and crude slipped. Brent crude, used to price global oils, slid $1.52, or 2.2 percent, to $67.82 a barrel in London.

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